FNMA irrational offers
Ok, so we are all having the same experience on FNMA short sales - they want more than the property is worth. Heck I had one where they got so lost in deciding how much they would accept relative to value they actually asked for more than they were owed!!!! TRUE!
The argument is FNMA is trying to prop up property values (hmmm sounds way to good hearted): FNMA is using their own proprietary valuation engine to come up with values and it's completely messed up (sounds very very plausible/I know they have one); or FNMA makes more money if they allow it to go to closing - that sounds most likely but don't get how that would be...counter party insurance? do they really think they will net more than accepting a REASONABLE short sale price....must be more to it then that...any insight from anyone with a broader perspective on this???
Replies to This Discussion
-
Permalink Reply by Kevin - Greenville, SC on
-
Permalink Reply by Jeff Payne on
-
I will never understand why this is not on the national news every night! The idiots at Fannie Mae dont have a clue about the real estate market, NONE!
-
-
I've heard they are currently 'projecting' future values.
-
Permalink Reply by Yalda Alawi on
-
Thank you for sharing that video.
I had my short sale approved by the first at $62K. Went to both buyer and 2nd to agree, and they did. Went back to 1st for final approval, and they came back at $96K. I was floored, just like the agent in the video.
I thought it was a typo, or a mistake.
They claim that values have gone up (in 2 months, in a border down 86 miles of San Diego where nothing is moving? HARDLY).
Ridiculous!!
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons